Assume personally held real estate to satisfy a 10-31 requirement

[Roger R.]

Hi,

I'm about to get into contract with my small building in NYC and will be attempting to do a 10-31 exchange. In this, I'm going to have to replicate 1.5mm dollars in financing with the newly exchanged properties. As part of the 1.5mm of financing, I'm hoping to assume the mortgage and title of a rental property that I just bought in my personal name and transfer it to my LLC that is doing the exchange. I would then like to have the 335k mortgage of the new go towards the 1.5mm in financing I would need to replicate. I have been talking to experts on here and gotten great information from @Dave Foster. I'm told this is somewhat grey and might not make the IRS happy. The LLC is run as a 2 person partnership with me owning 99% of the shares. Does anyone have any thoughts or experience on this matter?